Over three years, the Nigerian and Turkiye furniture and textile market is expected to rise from $2 billion to over $6 billion. This amount shows more than three hundred percent increase.

Along with important players from the furniture and textile industries, former politician Shina Peller has offered ideas on how the federal government may promote development in this important area of the national real estate market.

In a report on the Economic Significance of Furnitue and Textile Sectors on the Nation’s Economy, Martins Arebun, the President of MEEI Program, revealed that they also considerably support the national GDP, employment, and exports.

He claims that although Turkiye is among the top worldwide textiles exporters and accounts for more than 3.5% of all exporters, Nigeria along with South Africa and Ethiopia among others lead in the production of cotton and wool.

Arebun revealed that Turkiye trade volume within continent hit over $40 billion in 2023 and it is rising with the textile and furniture sectors accounting for notable percentage.

“Nigeria’s furniture markt is valued at over $2 billion and it is growing annually with a potential for over 300 percent growth in the next three years,” he said.

Speaking on the Role of Policy, Innovation, Standards, and Etiquette in Boosting Nigeria’s Furniture and Textile Sectors at ongoing Furniture Expo and Exhibition held at the Land Mark Centre, Victoria Island, the founder of MEEI, Dr. Daniel Ayodele said that the sectors depict our culture, creativity, and capability rather than only integral parts of our economy.

Said Ayodele: “Local artists create distinctive, culturally relevant works reflecting the rich legacy of our country in the furniture sector. The textile industry also has a rich legacy from conventional weaving to modern fashion design.

To really improve these sectors, nevertheless, we need coherent rules adopting appropriate business etiquette that support development, incentive innovation, and reinforcement of norms.

“First and most importantly, promoting development in the furniture and textile industries depends mostly on good policy-making. Policies have to be made to guarantee fair market competition, help local producers, and draw investments.

“It was admirable how limited importation of furniture, textiles, and other goods produced by President Buhari’s previous government was allowed. Policymakers can boost production and attract fresh market players by establishing a good business climate.

In his paper, former member of the 9th National Assembly and entrepreneur Shina Peller underlined the need of good policy-making in promoting sectoral development.

“Policies have to be developed to help local businesses, draw in capital, and guarantee fair competition,” Peller said.

Under the direction of former President Muhammadu Buhari, he praised the ban on the importation of furniture and textile products as a step in the right direction; he underlined that establishing a favourable business environment will help boost production and support new market players.

In his statement, Lagos Chamber of Commerce and Industry President Dr. Charles Idahosa underlined that the Expo has created possible chances for Nigerians in the expanding furniture sector in their nation.

Idahosa admitted that although the furniture industry has room for expansion in Turkey, the textile business between Turkiye and Nigeria is already established.